Sound Enhanced Fixed Income ETF | ||||||||
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Closed-End Funds - 2.9% | ||||||||
AllianceBernstein Global High Income Fund, Inc. | 82,857 | $ | 824,427 | |||||
Total Closed-End Funds | ||||||||
(Cost $948,906) | 824,427 | |||||||
Common Stocks - 28.1% | ||||||||
Investment Companies - 14.5% | ||||||||
Ares Capital Corp. (1) | 48,699 | 949,144 | ||||||
Golub Capital BDC, Inc. (1) | 58,506 | 841,316 | ||||||
PennantPark Floating Rate Capital Ltd. | 77,596 | 836,485 | ||||||
Sixth Street Specialty Lending, Inc. (1) | 39,091 | 788,465 | ||||||
WhiteHorse Finance, Inc. | 60,582 | 788,778 | ||||||
4,204,188 | ||||||||
Private Equity - 3.2% | ||||||||
Hercules Capital, Inc. (1) | 56,686 | 932,485 | ||||||
Real Estate Investment Trusts (REITs) - 10.4% | ||||||||
Alpine Income Property Trust, Inc. | 17,604 | 306,133 | ||||||
Apple Hospitality REIT, Inc. (1) | 8,111 | 121,827 | ||||||
Gaming and Leisure Properties, Inc. | 2,119 | 100,441 | ||||||
Global Medical REIT, Inc. | 24,867 | 240,712 | ||||||
Global Net Lease, Inc. (1) | 19,026 | 215,945 | ||||||
Omega Healthcare Investors, Inc. | 8,764 | 278,870 | ||||||
Park Hotels & Resorts, Inc. (1) | 11,413 | 146,429 | ||||||
Plymouth Industrial REIT, Inc. | 18,011 | 412,632 | ||||||
Simon Property Group, Inc. | 3,832 | 434,894 | ||||||
Spirit Realty Capital, Inc. (1) | 8,052 | 310,888 | ||||||
VICI Properties, Inc. | 14,099 | 434,813 | ||||||
3,003,584 | ||||||||
Total Common Stocks | ||||||||
(Cost $8,843,111) | 8,140,257 | |||||||
Principal Amount | ||||||||
Corporate Bonds - 27.9% | ||||||||
Auto Parts & Equipment - 1.7% | ||||||||
American Axle & Manufacturing, Inc. | ||||||||
5.000%, 10/01/2029 | $ | 591,000 | 487,107 | |||||
Chemicals - 2.1% | ||||||||
Olin Corp. | ||||||||
5.125%, 09/15/2027 | 649,000 | 621,995 | ||||||
Commercial Services - 2.0% | ||||||||
United Rentals North America, Inc. | ||||||||
4.875%, 01/15/2028 | 601,000 | 572,414 | ||||||
Computers - 1.8% | ||||||||
Dell, Inc. | ||||||||
6.500%, 04/15/2038 | 504,000 | 512,529 | ||||||
Diversified Financial Services - 2.1% | ||||||||
Radian Group, Inc. | ||||||||
4.875%, 03/15/2027 | 649,000 | 614,742 | ||||||
Gas - 2.1% | ||||||||
National Fuel Gas Co. | ||||||||
4.750%, 09/01/2028 | 649,000 | 614,320 | ||||||
Iron & Steel - 1.3% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
5.875%, 06/01/2027 | 383,000 | 369,288 | ||||||
Lodging - 2.1% | ||||||||
Hilton Domestic Operating Co., Inc. | ||||||||
4.875%, 01/15/2030 | 642,000 | 599,498 | ||||||
Media - 2.1% | ||||||||
AMC Networks, Inc. | ||||||||
4.750%, 08/01/2025 | 650,000 | 609,950 | ||||||
Miscellaneous Manufacturers - 2.2% | ||||||||
Trinity Industries, Inc. | ||||||||
4.550%, 10/01/2024 | 649,000 | 636,672 | ||||||
Oil & Gas - 4.3% | ||||||||
Apache Corp. | ||||||||
5.100%, 09/01/2040 | 649,000 | 540,215 | ||||||
Murphy Oil Corp. | ||||||||
5.875%, 12/01/2027 | 714,000 | 702,641 | ||||||
1,242,856 | ||||||||
Pipelines - 4.1% | ||||||||
EQM Midstream Partners L.P. | ||||||||
5.500%, 07/15/2028 | 585,000 | 559,478 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | ||||||||
5.000%, 01/15/2028 | 649,000 | 625,018 | ||||||
1,184,496 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $8,632,308) | 8,065,867 | |||||||
Shares | ||||||||
Exchange Traded Funds - 9.7% | ||||||||
Invesco Emerging Markets Sovereign Debt ETF | 31,674 | 609,725 | ||||||
iShares 0-5 Year High Yield Corporate Bond ETF | 21,426 | 891,536 | ||||||
iShares J.P. Morgan EM High Yield Bond ETF | 20,971 | 732,202 | ||||||
VanEck Emerging Markets High Yield Bond ETF | 31,404 | 565,586 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $3,255,236) | 2,799,049 | |||||||
Preferred Stocks - 29.5% | ||||||||
Banks - 14.6% | ||||||||
Associated Banc-Corp | ||||||||
5.625%, 09/15/2025 (2) | 28,243 | 469,964 | ||||||
Bank of America Corp. | ||||||||
5.375%, 06/25/2024 (2) | 29,738 | 648,883 | ||||||
JPMorgan Chase & Co. | ||||||||
6.000%, 03/01/2024 (2) | 28,503 | 715,140 | ||||||
Morgan Stanley | ||||||||
4.875%, 01/15/2025 (1)(2) | 30,584 | 648,075 | ||||||
Morgan Stanley | ||||||||
4.250%, 01/15/2027 (1)(2) | 29,656 | 549,822 | ||||||
Truist Financial Corp. | ||||||||
5.250%, 06/01/2025 (1)(2) | 29,219 | 614,183 | ||||||
Wells Fargo & Co. | ||||||||
4.700%, 05/15/2025 (2) | 31,104 | 574,491 | ||||||
4,220,558 | ||||||||
Diversified Financial Services - 2.0% | ||||||||
Capital One Financial Corp. | ||||||||
4.700%, 05/15/2025 (2) | 31,299 | 562,756 | ||||||
Electric - 4.7% | ||||||||
CMS Energy Corp. | ||||||||
5.875%, 03/01/2079 | 29,024 | 699,188 | ||||||
The Southern Co. | ||||||||
4.950%, 01/30/2080 | 29,609 | 663,538 | ||||||
1,362,726 | ||||||||
Insurance - 6.2% | ||||||||
AEGON Funding Co., LLC | ||||||||
5.100%, 12/15/2049 | 29,933 | 619,613 | ||||||
MetLife, Inc. | ||||||||
4.750%, 03/15/2025 (2) | 29,803 | 600,531 | ||||||
The Allstate Corp. | ||||||||
5.100%, 05/15/2024 (2) | 29,088 | 581,178 | ||||||
1,801,322 | ||||||||
Telecommunications - 2.0% | ||||||||
AT&T, Inc. | ||||||||
4.750%, 02/18/2025 (2) | 30,194 | 585,160 | ||||||
Total Preferred Stock | ||||||||
(Cost $10,303,613) | 8,532,522 | |||||||
Short-Term Investments - 1.0% | ||||||||
Money Market Fund - 1.0% | ||||||||
First American Government Obligations Fund, Class X, 5.428% (3) | 281,851 | 281,851 | ||||||
Total Short Term Investments | ||||||||
(Cost $281,851) | 281,851 | |||||||
Investments Purchased with Collateral from Securities Lending - 10.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540% (3) | 3,058,224 | 3,058,224 | ||||||
Total Investments Purchased with Collateral from Securities Lending | ||||||||
(Cost $3,058,224) | 3,058,224 | |||||||
Total Investments in Securities - 109.7% | ||||||||
(Cost $35,323,249) | 31,702,197 | |||||||
Liabilities In Excess Other Assets - (9.7)% | (2,805,596 | ) | ||||||
Total Net Assets - 100.0% | $ | 28,896,601 |
(1) | This security or a portion of this security was out on loan as of August 31, 2023. Total loaned had a value of $2,969,328 or 10.3% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. | |
(2) | Perpetual call date security. Date shown is next call date. | |
(3) | The rate shown is the annualized seven-day effective yield as of August 31, 2023. |
Summary of Fair Value Exposure at August 31, 2023 (Unaudited) | |||||
The Sound Enhanced Fixed Income ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | |||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||
The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2023: |
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Closed-End Funds | $ | – | $ | 824,427 | $ | – | $ | – | $ | 824,427 | |||||||||
Common Stocks (1) | – | 8,140,257 | – | – | 8,140,257 | ||||||||||||||
Corporate Bonds (1) | – | – | 8,065,867 | – | 8,065,867 | ||||||||||||||
Exchange Traded Funds | – | 2,799,049 | – | – | 2,799,049 | ||||||||||||||
Preferred Stocks (1) | – | 8,532,522 | – | – | 8,532,522 | ||||||||||||||
Short-Term Investments | – | 281,851 | – | – | 281,851 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 3,058,224 | – | – | – | 3,058,224 | ||||||||||||||
Total Investments in Securities | $ | 3,058,224 | $ | 20,578,106 | $ | 8,065,867 | $ | – | $ | 31,702,197 | |||||||||
(1) See Schedule of Investments for the industry breakout. | |||||||||||||||||||
(2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. |